Oil prices move further upward

OPEC is pumping and USD is up but Oil doesn't care

Moves in the commodities space were muted on Thursday, despite the news headlines around oil after Brent crude futures topped the $80 per barrel mark for the first time since 2014.

Brent crude oil, the worldwide benchmark, traded up 0.91% to $80 per barrel on Thursday, or almost 10% above the level at which traders started paring bets that oil would rise.

By 1125 BST the price of Brent crude rose to $79.86 per barrel, around a three-and-a-half year high.

Oil prices have been on an upward trend since US President Donald Trump's decision on 8 May to pull out of a nuclear deal with Iran, casting a cloud of uncertainty over oil exports from Opec's third largest producer.

In addition, the high oil prices prompted the IEA to increase supply growth estimates for non-OPEC member producing countries, particularly the U.S. Brent crude is edging towards $80 per barrel as United States stockpiles fall and amid worries of potential oil supply disruptions from Venezuela and Iran.

"In Venezuela, the pace of decline of oil production is accelerating and by the end of this year output could have fallen by several hundred thousand barrels a day", the IEA said.

"It means that OPEC oil becomes that much more necessary", he said. While European buyers flag concerns over the financing issues of trade with Iran as a potential stop to buying Iranian crude, China is reassuring Tehran that it will continue to import its oil.

Weird Lizards In New Guinea Have Green Blood, Muscles, And Bones
Originally discovered in 1969, the unusual skinks were assigned to a genus called Prasinohaema , which literally means "green blood " in Greek.

Oil's rise could meanwhile further push up inflation, impacting growth by quickening the pace of expected increases in interest rates.

ANZ said the falling US inventories were "raising concerns of tight markets heading into the USA driving season", during which demand typically rises.

"In these early days, there is understandable uncertainty about (the) potential impact on Iran's oil exports" from the U.S. move, it said.

Still, even more cautious analysts admit that the OPEC+ production cut deal has served its goal and global oil supply is a lot tighter than it was just two years ago.

"I expressed my concern about rising prices of crude oil and its negative impact on consumers and the Indian economy and reiterated the need for stable and moderate crude oil prices", Pradhan said.

The bottleneck in North America likely contributed to a 4.9 million barrel rise in USA crude oil inventories, to 435.6 million barrels, that the private American Petroleum Institute reported on Tuesday. This may well have been the case in past decades, where a spike in the price of crude oil would be directly linked with some sort of spike in consumption levels and as such a spike in industrial production. Tightening supplies and strong demand is providing the support.

"While the sharp rise in United States production and rig count has raised questions on the sustainability of inventory draws through 2018, we believe that inventories will continue to draw as we enter the summer driving season in 2018", they said.

Related News:

  • Ash rains down on Hawaii after explosive Kilauea volcano eruption

    Ash rains down on Hawaii after explosive Kilauea volcano eruption

    This eruption was the largest since increased activity began on May 3, and send an ash cloud over 30,000 feet high. Scientists said the accumulation of ash has been light so far-less than a quarter of an inch-and isn't expected.
    Venezuela political prisoners 'revolt' at Caracas jail

    Venezuela political prisoners 'revolt' at Caracas jail

    Shortly afterward, the couple was arrested at her household's condominium after police alleged he was stockpiling weapons. Embassy stated in a message on social media that the Venezuelan authorities is straight accountable for Holt's security.
    MTV suspends production on 'Catfish' amid allegations against host Nev Schulman

    MTV suspends production on 'Catfish' amid allegations against host Nev Schulman

    In 2016, Schulman and Perlongo even took to social media to share this video of their views on the importance of paternity leave. Both the Daily Beast and Page Six have identified "Jack" as Nev Schulman , who is the creator and host of the show.
  • The US Senate approved Gina was Haspel as Director of the Central Intelligence Agency

    The US Senate approved Gina was Haspel as Director of the Central Intelligence Agency

    They said the USA needs to close the book forever on the program that marred America's image with allies overseas . The vote was largely along party lines, but six Democrats voted for her and two Republicans voted against her.
    Las Vegas police release bodycam footage from killer's hotel suite

    Las Vegas police release bodycam footage from killer's hotel suite

    A wounded woman told police she heard what people told her were fireworks while country music singer Jason Aldean was on stage. Sgt Jeff Clark, a department spokesman, said authorities would not comment about the documents released on Wednesday.
    Rising trend of casino apps

    Rising trend of casino apps

    For those who are looking for a specific game, Cherry Rush also includes a description of what games can be found each site. It used to be that if someone wanted to play a casino game they had to find a land based venue.
  • OnePlus 6 goes official with 6.3-inch notched display and better cameras

    OnePlus 6 goes official with 6.3-inch notched display and better cameras

    The Avengers Edition will have the same hardware as the vanilla OnePlus 6 and come with 8GB of RAM and 256GB of internal storage. The OnePlus 6 is fueled by a 3300mAh battery and supports OnePlus's proprietary Dash Charge fast charging technology.
    NHTSA Investigates Tesla Crash, As Driver Says Autopilot Was Enabled

    NHTSA Investigates Tesla Crash, As Driver Says Autopilot Was Enabled

    Because of the technology's limitations, Tesla advises drivers to keep their hands on the steering wheel while using Autopilot . The driver had previously told police that she had engaged the autopilot and was "looking at her phone prior to the collision".
    Microsoft formally announce the Xbox Adaptive Controller

    Microsoft formally announce the Xbox Adaptive Controller

    Two large buttons can easily be reprogrammed through the Accessories app to function as any of the standard Xbox buttons. It's great to see a hardware maker thinking this way about making its products more accessible to a wider audience.
  • Masterclass: Kevin O'Brien Becomes First Irishman To Score A Test Century

    Masterclass: Kevin O'Brien Becomes First Irishman To Score A Test Century

    But Imam-ul-Haq and Babar Azam shared a 126-run fourth wicket stand as Pakistan battled to their winning target of 160. There was still time for Ireland to take a couple more wickets but by then the match had escaped their grasp.
    Ayton Fine Candidate For Suns' No. 1 Pick In Nba Draft

    Ayton Fine Candidate For Suns' No. 1 Pick In Nba Draft

    The last time the purple and white had a pick this high was back in the 1991 draft when they had the third overall pick. Sacramento will pick No. 2 and Atlanta got the No. 3 pick - both of them moving up and bucking some odds to get there.
    Justify is the favorite for the Preakness

    Justify is the favorite for the Preakness

    The Tomlinson Ratings in the Daily Racing Form provide insight into horses that might run well on a wet track based on pedigree. A Tomlinson Rating of 320 or higher means a horse deserves consideration while a 400 or higher is considered extremely strong.


Most liked

Gaza crisis: Nigeria condemns killing of 58 Palestinian protesters
Gaza medics said two Palestinians were shot dead during Tuesday's demonstrations along the 51 km (32 mile) border. UN Secretary-General Antonio Guterres and the European Union have also called for an independent investigation.

BS Yeddyurappa swearing as Karnataka Chief Minister
Congress and Janta Dal Secular party had attempt to stop the process by knocking at the door of supreme court at night yesterday. Under normal circumstances, the Speaker is first elected before the beginning of an Assembly session.

Arteta Inches Closer To Arsenal Move
A number of Arsenal's backroom staff have followed Wenger out of the door as the club prepare for life beyond the Frenchman. Arsene Wenger believes Manchester City coach Mikel Arteta has the "qualities" required to succeed him at Arsenal .

Manhattan lawyer filmed threatening Spanish-speaking staff at NY restaurant
Willie Morris told Fox 5 that Schlossberg once shouted racist remarks at him on a city street and he posted it on YouTube . The grievance committee will determine what action, if any, should be taken against Schlossberg.

Real Madrid star respects Liverpool Champions league run
BT has also announced it will screen the Europa League final between Ajax and Atletico Madrid tomorrow night, Wednesday May 16. However, you can not beat yourselves up about these things all the time and you must always keep moving forward.

Hedman shines as Lightning strike down Capitals
Backstrom is a key member of the Capitals' penalty kill, and the unit has suffered without him. This means when Backstrom suits up, he could be limited in taking faceoffs.

Pyongyang's U-turn threatens Trump summit
Further, just last week, Secretary of State Mike Pompeo visited North Korea , which was nearly unprecedented for a sitting USA official.

Whoever arranged controversial interview is Nawaz's biggest enemy: Shehbaz Sharif
However, Prime Minister Shahid Khaqan Abbasi held a news conference soon after, saying the media had misquoted the former premier. In February, the apex court also disqualified Sharif as the head of the ruling Pakistan Muslim League-Nawaz (PML-N).

No, the Next STAR WARS Spin-Off Won't Focus on LANDO CALRISSIAN
There, Kennedy teased (with a fair amount of certainty) the identity of the next character to receive the spinoff treatment. Consequently, the big brass at Disney/Lucasfilm appears to acknowledge those shifting winds.

Vladimir Putin calls for 'political process' on Syria
Syrian President Bashar Assad made a surprise visit to Russian Federation to meet President Vladimir Putin on Thursday at his summer residence in the Black Sea resort of Sochi.

Following US lead, Guatemala moves embassy to Jerusalem
Following in the United States' footsteps, Guatemala opened on Wednesday its Israel embassy in the holy city of Jerusalem. Israel, however, accused Hamas militants of carrying out bombing and shooting attacks under the cover of the protests.

Sultan Declares Thursday Ramadan, Urges Muslims to Begin Fast
In Belgium, the Islamic Council of Theologians met on Tuesday evening , and fixed the beginning of this period as this Thursday. The holy month of Ramadan will commence in Singapore and Middle East countries from today, kicking off a month of fasting.

Dhoni and Raina's daughters dance to Bravo's Champion song
IPL 2018 saw the return of Chennai Super Kings to the competition after they completed their two-year ban in the spot-fixing case. Recently, a video clip of Ziva dancing to Dwayne Bravo " s famous "Champions' song has been doing rounds on the internet.

Kenya signs bill criminalising fake news
Previous attempts to impose some control on social media users were met with accusations that the government was out to limit free speech.

3 Entertaining Ways to Improve Your Business Skills over the Coming Weeks
In both games and business meetings you may feel everything from frustration to elation, but the trick is to keep is all hidden. Play Poker While millions of people around the world may play poker solely for fun, you can also play to up your business game.